Tucson and Southern Arizona have been touted as a growing hub of innovation in bioscience and biotechnology.
Major companies, institutes and research activities that are centered here produce cutting-edge research and products in these fields.
Certainly the brainpower at the University of Arizona attracts and, in some instances, incubates these activities.
We at the Commercial Real Estate Group of Tucson think our attractive costs of doing business related to bioscience and biotech also play a role.
Tucson, Arizona, Proves to be a Bargain
On behalf of a commercial real estate site selector, we asked the Arizona Commerce Authority to provide a cost comparison of locating a bioscience and biotechnology business in Tucson and other cities the client was considering.
Tucson comes out looking pretty good. We ranked ninth in total annual operating costs–$18,787,606–compared with 55 other cities.
This was based on a hypothetical 75,000-square-foot biotechnology research facility with 220 workers.
Oklahoma City, Okla., ranked first at $18,286,742. New York landed last with $27,153,091.
Compared to metropolitan areas in Massachusetts, where the client currently is headquartered, Tucson is a big bargain. If the company moved here, it would
save $1.4 million to $3.6 million in comparative annual operating costs
- reduce grocery, housing, utility and health expenses for employees moving with the company.
We believe any bioscience or biotech company in almost any part of the country will find similar savings.
Tucson Earns a Look from Site Selectors
Certainly, the bottom line isn’t the only thing commercial real estate site selectors look at when they consider a corporate move or expansion.
But add in the area’s concentrated talent and energy in these industries, as well as those intangibles like quality of life, and we foresee Tucson getting good, serious looks from executives who make decisions about commercial real estate leases and property investments.
Encouraging more companies to move to Tucson is a smart strategy in strengthening our position as a bioscience and biotechnology powerhouse.
Commercial Real Estate Group of Tucson specializes in representing tenants and corporate users across the United States, Latin America, Europe and Asia as a member of ITRA. For more information call 520-299-3400.